New Delhi:
Prime Minister Narendra Modi today spoke at the NDTV World Summit about India’s global rise. He talked about why the 21st century is ‘India’s century’ and how the country is growing rapidly and how investors from all over the world are excited about India being the fastest growing major economy.
At the launch of NDTV World, Prime Minister Modi spoke about the pace and momentum at which India is growing. The Prime Minister said, “Looking at India’s rapid growth, several global rating agencies have upgraded India’s growth forecasts.” He went on to say, “Investors from around the world are keenly watching India’s growth and are excited about investing in the fast-growing market.”
Prime Minister Narendra Modi named global investor Mark Mobius and said he “advises global fund managers that they should invest at least 50 percent of their money in the Indian stock market.” He said this shows how closely investors like him are following the growth story in India.
“Today, India is a nation developing at a record pace, as well as an emerging global power,” Prime Minister Modi said, adding that “India knows how to eradicate poverty, while also knowing how to build a path to progress. ”
Over the past decade, the Indian stock market has risen from 22,300 to over 81,000, while the Indian economy took 63 years, from independence to 2010, to reach a GDP of $1 trillion. In 2017, it took just seven years to reach $2 trillion. and by 2020 it reached $3 trillion. India has gone from the eleventh largest economy to the fifth largest economy in the world in less than a decade.
“I meet a lot of people who say to me, ‘India is now the fifth largest economy in the world, so many milestones have been achieved and reforms have been implemented, why are you working so hard?’ In the last 10 years, 12 crore toilets have been built and 16 crore houses have gas connections… is this enough? This is not enough potential can take us to heaven,” the Prime Minister said.
“The dreams we have seen, the promise we have made: there is no rest, no relaxation,” he added.
Prime Minister Modi also said that when India grows, the world grows. There is no negativity surrounding India’s growth story. This, he said, is because India enjoys friendly ties with almost all countries in the world.